The online gambling world is a very competitive one and in order for sportsbooks to stay one step ahead of their competitors they need to be able to entice potential new customers to create an account with them. Once they have enticed someone to sign up, they then need to keep them sweet so that they stay. One way they do this is through Welcome Bonuses and different promotions. In this guide, we will take a look at free bets.
What Are Free Bets?
A free bet is exactly what the name implies. It is a wager that you can place, usually on any market of your choice, without having to risk any of your own hard-earned money. In other words, you will not accrue any losses from a free bet. There are different types of free bets, which we will not take a look at in some detail.
- Deposit money to receive a free bet: When you make your first deposit at a bookmaker, they will reward you with a free bet which is the same amount as your original deposit. For instance, deposit 2,000 Indian rupees and get a 2,000 Indian rupee free bet in return.
- Place a bet to receive free bet: In order to be able to claim such a free bet, you need to deposit money into your account and then place a bet. This will qualify you for a free bet. For example, bet 1,000 Indian rupees and receive a 3,000 Indian rupee free bets.
- Free bets for loyalty: Some bookmakers like to reward their loyal customers with regular free bets if they wager a certain amount of money. For instance, if you bet 4,000 Indian rupees or more in a week, the sportsbook will reward you with a free 1,000 Indian rupee free bet.
- A second chance free bet: These types of free bets are given to existing customers as a promotional offer. For instance, if you make an accumulator and only one of the folds let you down, you will be given a free bet to the same amount as your initial wager.
The most popular type of free bet used to be the no deposit free bet. As the name implies, all you had to do to receive this free bet was to create an account with the bookmaker. However, in April 2019, advertising regulations were tightened, which did away with bookmakers being able to offer potential punters a no deposit free bet.
This is because sportsbooks were often unclear with the terms and conditions surrounding their no deposit free bets. For example, before these new laws were implemented, bookmakers were not required to clearly explain the relevant terms and conditions. Now there are a number of rules that they need to abide by when it comes to advertising free bets and other types of promotions.
This isn’t a bad thing in our opinion as it means that sportsbooks need to be clearer about the offers that they are offering new and existing customers. How can anyone complain about that? Besides, the existing types of free bets, the ones that we just mentioned above, are more than good enough.
How Do You Use Free Bets on Sportsbooks?
So, let us imagine that you have been rewarded with a free bet of some description. How can you make use of it? Well, thankfully, it is relatively easy, even for those who are new to the world of gambling. All you need to do is add a selection or a number of selections to your betting slip that meet the bookmaker’s T&Cs. You can then decide whether to use your available free bet by simply clicking on the “use free bet” or “use bonus” (the wording will vary slightly between bookmakers).
Some bookmakers allow you to use just part of your free bet so that you have some of it leftover in order to make another bet. If this is the case, they you just need to decide on how much you would like to use on the bet that you are about to place. If the option to divide your free bet is not available, then obviously you will just have to place it all on one particular bet.
See, we told you it was simple.
Can You Withdraw Free Bet Winnings?
This is a question that is regularly asked by those who are new to the betting world. The answer to this question is that you can, but only after certain requirements have been met. These requirements are known as wagering requirements.
Sportsbooks are obviously not going to give their customers free bets and then allow them to simply withdraw any winnings that they accrue from them. A bookmaker’s main aim is to make money, so giving punters a chance to win free money really wouldn’t make sense. This is where wagering requirements, sometimes known as turnover requirements, come into play.
We will give an example below in order to make things as clear as possible.
Let us imagine that you have placed a 2,000 Indian rupee deposit with a new sportsbook and they have rewarded you with the same amount of money as a free bet. After reading which T & Cs apply you see that there are wagering requirements of 4x.
This simply means that you must wager the free bet four times before you will be able to withdraw any winnings that you might land. So, in this case, as you were given 2,000 Indian rupees in free bets, you would need to wager 8,000 Indian rupees of your own money before you can withdraw your winnings.
Thankfully, the wagering requirements for sportsbooks are usually a lot lower than those that accompany bonuses and promotions with online casinos. For example, with sportsbooks it is not often that the wagering requirements are above 10x, but with online casinos, it is not uncommon to find wagering requirements of 20x, 25x or even 50x.
4 Things to Know about Free Bets
- There are not many bookmakers out there who will allow you to bet on whatever you like with your free bet. You will often be told what sport, type of bet, minimum odds, and markets you can make use of. Obviously the bookmaker’s aim is to stack the odds in their favour as much as possible. This is why it is always important to read the terms and conditions so that you know exactly what you are allowed to bet on.
- It is also important to remember that if you do manage to pick up a win off of your free bet, the returns will not include the value of the free bet. So, if you have a free bet worth 1,000 Indian rupees and you win a bet with odds of 4.00, you will see 3,000 Indian rupees added to your account.
- Many times you will have a certain time period in which to use the free bet that has been given to you. If you do not use it within the time frame that is stipulated, then you will lose it. Therefore, make sure that you check terms and conditions thoroughly so that you are well aware of how many days you have to use it.
- There might also be geographical restrictions in place. If this happens to be the case, the sportsbook will list the countries where the free bet is applicable. If you cannot see any mention of geographical restrictions, then it is safe to assume that the free bet off is valid for everyone.
A Couple of Tips to Use to Your Advantage
- Hedge your bet: If you already have a bet on your mind, you can use the rewarded free bet on another highly possible outcome. For example, you could bet on one team to win a cricket match and then use your free bet to back their opponents to win. This tactic can guarantee that you will walk away with some sort of profit.
- Matched betting: This is when you place a free bet using a bookmaker and then make use of a betting exchange to place money on that outcome not happening. As the bet was free, you will be guaranteed some profit no matter the outcome.
To Sum Up
Free bets are great, but like with all promotions that you get from bookmakers you need to make sure that you read the terms and conditions first. Once you have familiarised yourself with them, go ahead and test your luck. After all, you really do have nothing to lose.
If you are a risk-taker, place your free bet on something with high odds. Okay, your chances of winning will decrease a bit, but if you win you will get very good returns. If you lose, well you have